Global Engine Components Market Report And Forecast 2024-2032

Global Engine Components Market Outlook

The global engine components market size reached a value of approximately USD 7.19 billion in 2023. The market is expected to grow at a CAGR of 2.50% between 2024 and 2032, reaching a value of USD 8.94 billion by 2032.

Key Trends in the Global Engine Components Market

Engine components refers to all the various parts and individual components that form an engine. These parts are designed to be reliable, stable, and work cohesively with other engine parts so that the engine can perform effectively. Some common engine components include retainers, valve tappet, roller tappet, cotters, collets, and screw cap assembly, among others.

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• Growing industrialisation worldwide is bolstering the demand for efficient and powerful engines and engine components across a variety of sectors, including construction and mining. The boom of these sectors is expected to further increase the demand for engine components.

• Increasing disposable income and growing urbanisation is increasing the demand for automotives, including passenger vehicles and commercial vehicles which is ultimately fuelling the demand for engine components.

• Various key manufacturers are focussing on developing high efficiency engines and components that are small and light weight. These compact engine components are increasingly used for engines that are lightweight and versatile, which is supporting the engine components market growth.

Global Engine Components Market Analysis

Based on type, the market is bifurcated into gasoline and diesel. On the basis of component, the market is divided into valve tappet/roller tappet, screw cap assembly, collet/cotter, and retainer, among others. By application, the market is categorised into automotive, agriculture, construction and mining equipment, marine, stationary engines, and rolling stock diesel engine, among others. On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global engine components market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Nittan Corporation

• LISI Aerospace (SAS)

• SFS Group

• General Motors

• G.T. Technologies Inc.

• Tenneco Inc.

• MAHLE GmbH

• Aikitec Co., Ltd.

• EFC International

• Cummins Inc

• Others

Global Engine Components Market Share by Component

By component, valve tappet/roller tappet occupy a sizable share of the market for engine components due to their rising applications in light vehicles, CNG based small engines, heavy-duty engines, and gasoline engines, among others. They display robust performance and reduce friction which increases the popularity of valve tappets/roller tappets among the consumers. Moreover, the ability of valve tappet/roller tappet to reduce internal friction and allow greater revolutions per minute is expected to further fuel the growth of the segment.

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Global Engine Components Market Share by Region

The Asia Pacific accounts for a considerable share of the engine components market driven by the increasing industrialisation in the region and the high consumption and production of vehicles. Rising disposable income of consumers and prevalence of major key players in the region are factors further influencing the growth of the region market. A sizable share of the production and supply of engine components is attributed to China and India, which is further enhancing the growth of the market for engine components in the Asia Pacific.

Competitive Landscape

Nittan Corporation was founded in 1948 and is headquartered in Kanagawa, Japan. This company manufactures and distributes valves for ships, forged cogwheels, motor vehicle engines, and ground machinery, among others.

LISI Aerospace (SAS) is an aviation and aerospace component manufacturing company that was established in 1777. It is headquartered in Paris, France, and specialises in metal forming, machining, and advanced manufacturing.

SFS Group was founded in 1928 and has its headquarters located in Heerbrugg, Switzerland. This fastener company focuses on producing mechanical fastening systems, and tooling and logistic systems, among others.

Other market players include General Motors, G.T. Technologies Inc., Tenneco Inc., MAHLE GmbH, Aikitec Co., Ltd., EFC International, and Cummins Inc, among others.

Key Highlights of the Report